Submitted by rsteel on
Betting for a living is often depicted as being about big-decision moments and the highs of pulling off life-changing wins. The reality could not be more different. Bettors need to work hard, learn quickly and be disciplined in order to succeed. Patience is also an essential trait for any serious bettor.
Understanding the psychological side of betting is just as important as having the right kind of information and betting properly. Not everybody bets for the same reasons; there are a multitude of various reasons why we gamble, but regardless of the motivation, if you want consistent profits, it is a MUST to be PATIENT.
Patience - the capacity to accept or tolerate delay, problems, or suffering without becoming annoyed or anxious - is often overlooked as a key component of making money from betting. Being able to calculate expected value and beat the closing line is obviously important but in an environment that can be influenced by randomness and luck, bettors also need to be patient.
Events like a coin toss and roulette wheel will even out. Similarly, if a bettor has an edge that is bigger than the bookmaker’s margin, instances of randomness and luck will (at some point in time) even out. It simply requires patience to avoid restricting the sample size.
If you have positive expected value but still suffer losses, you need to understand that it is merely a sequence of losses in a bigger sample.
Some bettors want the instant big win and will bet their maximum bankroll at once; even if there’s a big risk of going bust. Others will use progressive methods continually betting after losses digging a bigger hole.
If we believe in rational choice theory, every decision we make is based on the assumption that we are maximizing our advantage and minimizing our losses. However, this is not always the case in betting.
The desire for instant gratification has as bettors are now provided with endless means to place bets that require minimal effort.
Serious bettors know how important value (the better odds) is, no matter how small a difference it might make. They know that sometimes it requires extra effort to find said value and that with some patience, they will make more profit with better odds. SHOP SHOP SHOP! Have as many sportsbook accounts as you possibly can.
In short, bettors need to be patient and “see the bigger picture”. If you have positive expected value but still suffer losses, you need to understand that it is merely a sequence of losses in a bigger sample that will produce a profit.
Betting is about getting an edge over the market, finding positive expected value. However, in addition you have to be patient enough to see the desired results - betting is not a lottery, you will not become a millionaire overnight.